Decoding VG Siddhartha's letter: What's the 'harassment' from tax authorities CCD founder faced?
VG Siddhartha missing: CCD founder's letter says there was a lot of "harassment from the previous DG income tax in the formed of attachment of his shares to block his Mindtree deal"
- Jul 30, 2019,
- Updated Jul 30, 2019 7:27 PM IST
In the last letter to employees, coffee king VG Siddhartha has cited "harassment" at the hands of the tax authorities as one of the reasons for fund crunch in his company Cafe Coffee Day.
"There was a lot of harassment from the previous DG income tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking the position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch", Siddhartha said in the letter.
The case Siddhartha is talking about in this letter pertains to a case against him and his company over tax evasion in 2017. The tax authorities had accused him of evading taxes and raided his residence and Coffee Day premises at over 20 locations, including its head office in UB City, Bengaluru, Chennai, Chikmagalur, and Mumbai. During the probe, the tax authorities seized several documents and alleged Rs 650 crore of undeclared income by his coffee chain.
In the last letter to employees, coffee king VG Siddhartha has cited "harassment" at the hands of the tax authorities as one of the reasons for fund crunch in his company Cafe Coffee Day.
"There was a lot of harassment from the previous DG income tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking the position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch", Siddhartha said in the letter.
The case Siddhartha is talking about in this letter pertains to a case against him and his company over tax evasion in 2017. The tax authorities had accused him of evading taxes and raided his residence and Coffee Day premises at over 20 locations, including its head office in UB City, Bengaluru, Chennai, Chikmagalur, and Mumbai. During the probe, the tax authorities seized several documents and alleged Rs 650 crore of undeclared income by his coffee chain.